Yesterday, Lightlake Therapeutics (OTC:LLTP) finished the session on a significantly higher trading volume. 500 thousand shares changed hands, which is ten times higher than the daily average.
Although the share price finished a little lower than the previous close, the intraday amplitude was much higher. LLTP opened with a gap down at $0.35, which was the intraday low and subsequently hit an intraday high at $0.54. In other words, the overall intraday amplitude was 54%.
This month, the company published its 10-Q report for the quarter ended April 30, 2011. The company has a negative net worth and a negative net income, which is not surprising for a development stage company.
The financial report shows that from July 2010 to April 2011 LLTP had issued 12 million new shares of common stock, which represents a 20% increase.
LLTP stock has been anchored at the $0.5 line for a couple of weeks. At present, it has the support of the MACD. However, it seems LLTP doesn’t have enough power to overcome the resistance at present.
